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- Launches high-street best-buy Residential 90 per cent LTV 5-Year Fixed
- Rate reductions of up to 40 bps on core BTL range
- Large loan range pricing cut by up to 30 bps and reduced application fees
- Launches new large loan range for properties up to ยฃ10 million
Metro Bank, the revolution in British banking, has today announced a number of changes to both its Residential and Buy-To-Let (BTL) product ranges.
Charles Morley, Director Mortgage Distribution at Metro Bank said: โTodayโs announcement demonstrates the breadth of our mortgage range.
โWeโre here to support everyone, whether youโre a first-time buyer looking to get your foot onto the property ladder through our joint-borrower sole-proprietor mortgages; a landlord wishing to benefit from our use of top-slicing; or a customer needing a choice when it comes to obtaining a larger loan.
โOur wide range of products, alongside our case-by-case approach to underwriting, is proving a winning combination for customers and brokers across the UK.โ
BTL mortgages
Rates for BTL mortgages under ยฃ2 million have been reduced by up to 40 bps, with new rates now available from:
| BTL | 65 per cent LTV | 75 per cent LTV |
| 2-Year Fixed | 2.59 per cent | 2.69 per cent |
| 3-Year Fixed | 2.69 per cent | 2.79 per cent |
| 5-Year Fixed | 2.79 per cent | 2.89 per cent |
| 2-Year Tracker | NA | 2.54 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
For BTL loans between ยฃ2 million and ยฃ3 million, the new rates are:ย ย
| BTL | 70 per cent LTV |
| 2-Year Fixed | 2.79 per cent |
| 3-Year Fixed | 2.89 per cent |
| 5-Year Fixed | 2.99 per cent |
| 2-Year Tracker | 2.54 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
The bankโs new range for BTL loans up to ยฃ5 million, are as follows:
| BTL | 60 per cent LTV |
| 2-Year Fixed | 2.89 per cent |
| 3-Year Fixed | 2.99 per cent |
| 5-Year Fixed | 3.09 per cent |
| 2-Year Tracker | 2.64 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
Residential mortgages
For residential mortgages under ยฃ2 million, the bank has reduced its 5-Year Fixed up to 90 per cent LTV by 10 bps to 2.54 per cent.
Rates for Residential 2 and 3-Year Fixed have marginally increased and the Residential 5-Year Fixed at 65 per cent and 70 per cent LTV have been withdrawn, with rates now starting from 1.84 per cent at 75 per cent LTV.
| Residential | 80 per cent LTV | 85 per cent LTV |
| 2 and 3-Year Fixedย | 1.94 per cent | 2.04 per cent |
The bank has also reduced rates across its large loan range by up to 30 bps, with application fees also cut from ยฃ4,999 to ยฃ1,999.
For residential properties between ยฃ2 million and ยฃ5 million, rates are now available from: ย ย ย ย ย ย ย ย ย
| Residential | 70 per cent LTV |
| 2-Year Fixed | 1.89 per cent |
| 3-Year Fixed | 1.89 per cent |
| 5-Year Fixed | 1.99 per cent |
| 2-Year Tracker | 1.84 per cent* |
| 5-Year Trackerย ย | 1.84 per cent* |
*Assumes Bank of England Base Rate at 0.25 per cent
Metro Bank has also introduced a brand-new large loan range for loans up to ยฃ10 million, with residential rates now available from:ย
| Residential | 50 per cent LTV |
| 2-Year Fixed | 1.99 per cent |
| 3-Year Fixed | 1.99 per cent |
| 5-Year Fixed | 2.09 per cent |
| 2-Year Tracker | 1.94 per cent* |
| 5-Year Tracker | 1.94 per cent* |
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